Money | 10/09/2008 4:03 pm

CNBC's 'Fast Money' Declares the Stock Market Has Crashed

By The Staff at wowOwow.com

CNBC, the leading cable business news network, has claimed for the first time that the stock markets in the United States of America have, in fact, crashed. The declaration was made in the opening remarks by Dylan Ratigan, host of the daily market wrap-up show "Fast Money," at the end of a day that saw the Dow Jones Industrial Average plunge to 8,579 points.

This time around it’s being called a "cascading crash," wherein the stock market has crashed on a multi-day — rather than single-day — basis. Unlike 1929 and 1987, when the major stock indices collapsed in one-day price declines, this market has seen nine consecutive days of bruising declines.

The comments came at the end of the trading day on the one-year anniversary of the peak of the Dow Jones Industrial Average — October 9, 2007. The industrials closed that day at 14,164. One year later, in the midst of the newly coined "cascading crash," they closed 5,585 points lower, a drop of nearly 40%.

Read more about: CNBC, Crash, financial crisis, Greatest Depression, News

40 Reader Comments (so far…) Sign In or Register to comment

In my Old Home Town a Man was found dead in his truck ..He shot himself a business owner …because of these BUSH NO NOMICS …Just how many more people will commit suicied now ? Pray People Pray The Divine Mercy .Org People jumped out of windows in 1929 …now everyone has guns…

By Eliza Dodd on 10/09/2008 4:44 pm

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Wait a minute. I’m confused. 50% of 14,164 would be 7,082. So this drop to 5, 585 is closer to a 60% drop, right? Is this “40% drop” statement a typo? Or is there something I don’t understand.

By Ms. Dee on 10/09/2008 4:53 pm

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Dee, dahling, I used to write checks to my agent for 15%, so I think I can help you out with your little percentages, too, dear. Let’s see, we start with 14,164 last year. It’s dropped to 8579. That is 5585 points. 5585 is 40% of 14,164, dahling. No need to thank me. Just go rent one of my movies, dear.

By Mommy Dearest on 10/09/2008 6:00 pm

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I do so appreciate your concern. You! Of all people. Yes, I was confused. I was using 5585 as the dropped-to point instead of 8579. That’s I’m relieved by 20 points. Thanks, Mommy.

By Ms. Dee on 10/09/2008 6:21 pm

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WOW. We will survive. I am trying not to be Cassandra here and not Pollyanna either. I just believe that as people we can recover as we have before. Except for the elitist few in entertainment and greedy CEO’s in the Banking Industry and Wall Street the rest of us will survive. Maybe difficult. Businesses will suffer for awhile. Less Starbucks maybe. I am concerned but not worried. Hopefully because of our many modes of communication today there will not be suicides. Doing without is just what it says. Every average person will have to cut down in some way. think positive.

By katywon LA.. on 10/09/2008 5:05 pm

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It seems that everyone on “Main Street” is holding their breath to see how this will effect us. The government bailout doesn’t seem to be working, possibly because the government, in fact, has lost its credibility.

By Susan Gabriel on 10/09/2008 5:17 pm

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susan, the government bailout turned into a government buyout of shares in nine banks. why he had to wait so long i don’t know, but that does make more sense. there is more money approved, and it may yet be used in smaller banks.

By mary lou s on 10/15/2008 1:56 am

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Lord have mercy….just what we need right now….bypass the gloom and go straight for the doom…..loaded language to help insure the already highly reactionary angst. No faith in our leaders, no faith in Wall Street……so let’s fuel a self-fulfilling prophecy? Let’s make sure we all have to suffer for the bad deeds of others? Two friends from my own small circle have already bailed. My little “nest egg” is still riding the waves. Does that make them….what? Part of the problem? Way smarter than me? Only human? Shame on CNBC.

By ~ countrywoman ~ on 10/09/2008 5:37 pm

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Obama has bought a 1/2 on CBS in Prime Time.

By The Wine Warrior on 10/09/2008 5:52 pm

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Dear CNBC dahlings, What a very timely headline - “The Market Has Crashed.” You must be very proud of that investigative journalism, aren’t you dears? I’ll run right out and look under a rock for everyone who didn’t already know this, and tell them about your “breaking news.” Ahahahaha.

By Mommy Dearest on 10/09/2008 5:52 pm

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Mommy, I have to agree with you on this one. I have been telling people this since Sept15. The writing’ on The Wall was not that hard to read. I guess they decided that they could take the Veil off that they shrouded the news in by calling it a deep rescission.

By Jennifer Dooley on 10/09/2008 6:50 pm

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That’s Obama bought half-hour of air time on CBS. Very rattled. The Blue Angels have been practicing overhead for most of the day as they will tomorrow Every 1st weekend in October is San Francisco’s Fleet Week with air show etc. The practicing overhead is unnerving….they come very low over the City.

By The Wine Warrior on 10/09/2008 5:56 pm

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There’s a savings right there; I’ve never understood why these military air shows are necessary: expensive, dangerous. Does the Obama half hour mean that McCain will be allotted half hour for equal time? Peace and grace

By beth willis on 10/09/2008 7:44 pm

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Obama BOUGHT an half hour in prime time. There are no ALLOTMENTS.

By The Wine Warrior on 10/10/2008 1:16 pm

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I am rattled at the thought of all the fuel used by these planes. Government spending in this hour of need. While the rest of us have to scramble to be able to pay for a few gallons.

By Jeannot Kensinger on 10/10/2008 12:19 pm